• Confirmed Uptrend
• December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
• Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%

• The week ending on January 12 was a large green candle with almost no upper and lower shadows; the change was +1.6%
• Last week’s pivot point 2770.05; R1=2804.04, R2=2821.84; S1=2752.25, S2=2718.26; R1/R2 were breached;
• An up week;  fourth in last five weeks and seventh in last ten weeks
• Broke above a down sloping flag on April 24 2017;
  • flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
  • 100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
  • 61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
• Broke above a down-sloping flag on November 14, 2016;
  • the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
  • 261.8% extension target of shorter flag-pole near 2612.97 is achieved
  • the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
• Last swing low, 2322.25, was the low on March 27, 2017
• Above 10-week EM; above 39-week SMA and 89-week SMA
• Confirmed uptrend

Daily

• A relatively large green candle that opened at the middle of Tuesday’ real body and then closed near its high; small upper and lower shadow; a break above Wednesday’s high will be bullish
• Last pattern, a down-sloping flag in June that was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
• Above 20-day EMA but above 50-day EMA; Above 100-day SMA and 200-day SMA
• Pivot Point=2795.99; R1=2813.61, R2=2824.65; S1=2784.95; S2=2767.33; R1 was breached
• Confirmed Uptrend

• Futures are moving higher since 4:00 PM on December 29 in steps; decline from 8:00 AM on January 16 bounced off a support at the EMA50 near 2775.00; moving sideways since 4:00 PM on Wednesday near 2805.50
• Emerging Cup-with-Handle pattern; more about in in 30-min TF
• RSI-9 is showing divergence – 6:00 PM on January 14 the price made a high of 2787.50 and RSI was 90.39; at 4:00 AM on January 16, the price made a high of 2803.50 but the RSI was at 85.63; RSI fell below 40; now hovering around 65
• Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions; under pressure
• Above rising 20-bar EMA, which is above rising EMA10 of EMA50

• Mostly moving sideways since 3:00 PM on January 17 near all time high of 2808.50;
• Emerging handle of a cup-with-handle formation since 9:30 AM on January 16; a break above 2808.50 will be quit bullish
• A break below an up-sloping flag on Wednesday fizzled;
• RSI-14 rose to 74.14 at 2:30 PM on Wednesday; it declined to just above 40 and is now hovering around 50
• At flattening 20-bar EMA, which is above rising EMA10 of EMA50

• Bollinger Band (20, 2.0) is sloping sideways since 7:30 PM on Wednesday
• The band contracted during early Asian session the expanded only marginally
• A down-sloping flag is emerging; a break above 2806.00 will be bullish
• MFI-14 rose from a low of 27.13 at 3:30 AM to 78.71 at 7:00 AM; it is lower now
• The Stochastic (9, 1, 3): %K rose to 100 at 6:30 AM and then touched 19.04 at 7:45 AM; now rising and %K is above %D

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